Data as of .
FLSP vs QAI: which moved less with stocks?
Over the year to Sep 18, 2026, FLSP moved less with the S&P 500 than QAI: correlation +0.01 against +0.85.
ETFIQ Diversifier Score: FLSP scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
FLSP and QAI both run a multi-strategy strategy. Over the same 52 weeks to Sep 18, 2026, FLSP’s weekly returns had a correlation of +0.01 with the S&P 500 and QAI’s +0.85. In the 22 weeks the index fell, by 1.24% a week on average, FLSP averaged +0.16% and QAI −0.42%. Over the same weeks, FLSP finished 10.1 percentage points ahead of cash and QAI finished 5.4 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| FLSP | QAI | FLSP | QAI | |
| 3 months | +4.2% | −1.6% | +2.0 pts | −3.8 pts |
| 6 months | +7.4% | +6.8% | −10.6 pts | −11.2 pts |
| 1 year | +13.7% | +9.1% | −2.9 pts | −7.5 pts |
| 3 years | +32.9% | +28.8% | −45.5 pts | −49.6 pts |
| Since launch | +36.7% | +65.4% | −124.2 pts | −738.1 pts |
| FLSP Franklin Systematic Style Premia ETF Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return | QAI NYLIM Hedge Multi-Strategy Tracker ETF Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return | |
|---|---|---|
| Issuer | Franklin | New York Life Investments |
| Strategy | Multi-strategy | Multi-strategy |
| Correlation with the S&P 500 | +0.01 | +0.85 |
| Beta to the S&P 500 | +0.01 | +0.42 |
| Down-week capture | −12.6% | 34.0% |
| Average week when the S&P 500 fell | +0.16% | −0.42% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +13.7% | +9.0% |
| Against T-bills, percentage points | +10.1 pts | +5.4 pts |
| Expense ratio | 0.65% | 0.81% |
| Listed | Dec 23, 2019 | Jan 4, 2010 |
| Net assets | $1.1bn | $968m |
FLSP in plain words
FLSP is a multi-strategy fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.01 with the S&P 500’s and a beta of +0.01, so for each 1% the index moved it moved about 0.01% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks FLSP rose 0.16% on average, a down-week capture of −12.6%. Over the same 52 weeks FLSP returned +13.7% and a Treasury bill fund +3.6%, so it finished 10.1 percentage points ahead of cash.
QAI in plain words
QAI is a multi-strategy fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.42, so for each 1% the index moved it moved about 0.42% the same way. In the same weeks QAI fell 0.42% on average, a down-week capture of 34.0%. Over the same 52 weeks QAI returned +9.0% and a Treasury bill fund +3.6%, so it finished 5.4 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FLSP or QAI?
- Over the 52 weeks to Sep 18, 2026, FLSP’s weekly returns had a correlation of +0.01 with the S&P 500 and QAI’s +0.85, so FLSP moved less with the index.
- Which did better when the S&P 500 fell, FLSP or QAI?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, FLSP averaged +0.16% and QAI −0.42%, so FLSP returned more in those weeks.
- Which earned more than cash, FLSP or QAI?
- Over the same weeks, FLSP finished 10.1 percentage points ahead of cash and QAI finished 5.4 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, FLSP or QAI?
- FLSP charges 0.65% a year and QAI charges 0.81%, so FLSP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FLSP against QAI, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/flsp-vs-qai Free to use with attribution; the underlying files are at Open data.